This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In long-run equilibrium, the perfectly competitive firm sets its price equal to which of the ... (Read 85 times)

123654777

  • Hero Member
  • *****
  • Posts: 585
on: Jun 30, 2018
In long-run equilibrium, the perfectly competitive firm sets its price equal to which of the following?
 a. Short-run average total cost.
  b. Short-run marginal cost.
  c. Long-run average cost.
  d. All of these.

Question 2

Suppose an economist found that total revenues increase for the bus system when fares were raised, the conclusion is that the price elasticity demand for subway services over the range of fare increase is inelastic.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

HandsomeMarc

  • Sr. Member
  • ****
  • Posts: 360
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

True


123654777

  • Member
  • Posts: 585
Reply 2 on: Jun 30, 2018
Excellent

bulacsom

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

How long does it take you to see the circles? How long does it take you to see the circles?
Seven black members of Congress in 1871 are from left to right: Senator Hiram Revels (R-MS) and Repr Seven black members of Congress in 1871 are from left to right: Senator Hiram Revels (R-MS) and Repr
Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
A substrate and its competitive inhibitor A substrate and its competitive inhibitor
Long-wave energy flux is emitted from Earth Long-wave energy flux is emitted from Earth
A reciprocal translocation involving the long arms of chromosomes A reciprocal translocation involving the long arms of chromosomes
Video: Embryonic development - Week 4

For a complete list of videos, visit our video library